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budget

we are filing in January- Working on Budget and it shows balance that will be much more than proposed monthly amount to creditor, but in reality we are stuck now with pay day loans and we are obligated to pay loans and get another one on the spot from monet mart once we get paid. Will creditors accept our proposal based on budget or our situation now?

Posted from: Ontario

One Response to “budget”

A licensed trustee said...

Before you settle on a budget – do you understand that your payday loans will be included in your proposal. If you have decided to file a proposal you should stop taking out new payday loans and stop repaying the payday loans that you currently have.

Before you file a proposal you need to be confident that the family can live within the budget you will be proposing – if you take out a payday loan after you file the proposal then you will have to repay that loan. Be careful…